Sunday newspaper round-up: Next, carbon emissions, US-China tensions, Shaftesbury, Four Seasons Health Care

The fashion retailer Next is preparing to take a stand against landlords who grant rent cuts and store closures to rivals using a controversial insolvency process. Company voluntary arrangements (CVAs), which allow struggling businesses to walk away from their liabilities, are sweeping through the retail industry as traditional operators reel from a downturn in consumer spending and the ongoing shift to online shopping. - The Sunday Times

The first major international initiative to galvanise technology that traps carbon emissions before they reach the atmosphere will be unveiled this week by some of the world’s largest polluters. The annual Clean Energy Ministerial will play host to the new global co-operation plan to develop carbon capture and storage (CCS) to clean up the emissions from power plants and factories. - Sunday Telegraph

America has pulled back from launching a trade war with China that could have destabilised the global economy, by agreeing to put proposed tariffs on Chinese imports “on hold”. The Treasury secretary, Steven Mnuchin, said on Sunday that negotiations with Chinese officials have borne fruit, meaning Washington and Beijing can step back from imposing punishing tariffs on each other’s exports. - Observer

The number of homeowners on interest-only mortgages has halved in the past six years but lenders admit thousands of borrowers continue to ignore the fact they have no plan to repay their loans. Figures from UK Finance, which represents mortgage lenders in Britain, showed the number of outstanding interest-only mortgages has fallen by 46 per cent since 2012, from 3.2 million to 1.7 million. - Mail on Sunday

The owner of Carnaby Street and Chinatown in London faces the threat of a court battle with its biggest shareholder, who has declared war on the board over a fundraising. Samuel Tak Lee, a secretive Hong Kong billionaire who owns 23% of Shaftesbury, has written to the FTSE 250 property developer demanding information ahead of a possible legal action. - The Sunday Times

The troubled care homes operator Four Seasons Health Care has agreed the basic terms of a restructuring deal, paving the way for its main hedge fund lender to take control this summer. The plan is designed to slash Four Seasons’ crippling £595m debt pile by around half at the end of July. - Sunday Telegraph

Britain’s increasingly reliance on electricity imported from Europe threatens energy security and will import carbon emissions, according to the new boss of the country’s biggest power station. Will Gardiner, chief executive of Drax Group, said that the growing proportion of power forecast to come from interconnectors – physical links to transfer electricity across borders – would also fail to deliver the aims of the government’s industrial strategy. - Observer

Senior MPs are preparing to trigger a major inquiry into Sainsbury’s merger with rival supermarket Asda amid concerns Britain’s farmers could face unprecedented demands for price cuts. The plan to investigate the impact of the historic deal – which will create a £51 billion giant – would mean scrutiny on two fronts because the Competition and Markets Authority (CMA) announced its own investigation on Friday. - Mail on Sunday

Ocado boss Tim Steiner is in line to collect £110m in bonuses early next year — a record payout for the boss of a UK-listed company. A surge in the online grocer’s share price last week has teed up the payout for the 48-year-old former Goldman Sachs bond trader. - The Sunday Times

Britain’s largest shareholder advisory groups have called on investors in Royal Dutch Shell to reject growing demands for the oil giant to take full responsibility for its impact on the environment. Shell faces a binding shareholder vote tomorrow to decide whether to adopt rigorous accountability standards to bring its operations into line with the Paris climate agreement. - Sunday Telegraph

Rail passengers trying to use the upgraded £7bn Thameslink service on Sunday were met with mass train cancellations and no information about why services were not running. A huge publicity drive backed Sunday’s biggest ever timetable change but, despite the big build-up, passengers trying to get into and around London found few of the promised new services were actually running. - Observer

The number of retailers going under jumped almost 50 per cent in the first three months of this year, it has been revealed. There were 327 retail failures recorded in the first quarter of 2018, according to data compiled by credit checking agency Creditsafe. - Mail on Sunday

Marks & Spencer is set to speed up its store closure programme this week as it reports another year of falling sales. It is expected to increase the total number of “full line” stores it will lose - those selling both clothing and food - from 60 to 100. - The Sunday Times

A fledgling flat-sharing social network has raised £1m from new and existing investors in just four weeks as its popularity among the growing “generation rent” accelerates. Ideal Flatmate, founded by Tom Gatzen and Rob Imonikhe, secured some of the cash from lead investor David Pollock, an estate agency veteran who founded his own north London business Greene & Co more than 35 years ago. - Sunday Telegraph

TSB customers are still unable to make payments or access key accounts almost a month after the botched IT upgrade. As one group of analysts said the chaos could cost TSB as much as £56m this year alone, many of the problems that have bedeviled the bank are yet to be resolved as the crisis enters its fifth week. - Observer

The Government’s crackdown on addictive gambling machines could be challenged in the courts by one of Britain’s biggest bookmakers. Betfred, owned by billionaire betting moguls Fred and Peter Done, is understood to be considering a judicial review to try to overturn plans to limit the sum punters can bet on roulette machines. - Mail on Sunday